Benefit Renewal Time-Are You Offering the Right Plan?
The end of the year is upon us and many employer benefit plans run on a calendar year cycle renewing in December or January. This time can be challenging for business owners who already have a full schedule trying to finish the year strong. Prior to even starting to invest time and resources into notifying employees of open enrollment, you need to choose what benefits you want to offer your workforce for the following year.
Here are a few questions to get you started:
What areas of compliance you need to review to avoid any penalties or fines?
Is your current benefits plan achieving your desired results?
What do your employees like or dislike about your benefits offering and what might they like to see added?
Have you reviewed benchmarking data to determine how your plan stacks up against your competition and any market changes?
Have you examined all cost-reduction measures such as plan design changes, contribution level changes or opt-out options?
Are you looking to increase participation overall or increase participation in a particular plan option?
Have you reviewed past open enrollments and areas to improve?
Working with a benefit advisor can help you manage the challenges that come with selecting a benefits package. They can help you answer the above questions and advise you on what alternatives are available in the marketplace to match your needs. Most companies spend a significant amount on their benefits to attract and retain employees. Take the time to review your options and see if your current plan offering is still the best option for your company.